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(Alliance News) - Mosman Oil & Gas Ltd shares jumped on Thursday after it withdrew a resolution on share consolidation from its planned annual general meeting.
The Australian oil exploration, development and production company's share price rose by 12% to 0.081 pence each on Thursday afternoon. The company has a market cap of roughly GBP3.0 million.
Resolution Two for the AGM, planned in Sydney on January 28, 2022, had proposed a share consolidation of one for 100 shares.
The resolution was initially proposed in December, in the hope of reducing the number of shares from 3.85 billion to 38.5 million, to better align its trading price with that of its peer group of companies.
After feedback from shareholders, the resolution was withdrawn, and will not be placed before shareholders at the AGM.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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